Shenzhen gives away $3 million worth-of digital yuan in third CBDC test

The Chinese city of Shenzhen is giving away another 20 million digital yuan, worth $3 million, as part of the ongoing real-life test of China's central bank digital currency.

The Shenzhen government announced on the New Year's Eve that it will give away 100,000 red packets via a lottery to local residents with each packet worth 200 digital yuan, or $30.

Lottery-winners will be able to spend the digital yuan between January 7 and January 17 among over 10,000 shops, restaurants and supermarkets in Shenzhen, according to the announcement.

In last October, Shenzhen conducted China's first city-wide digital yuan test via a lottery giveaway that was worth $1.5 million in total available for 50,000 residents, who were able to spend the free money at some 3,000 local stores.

THE SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy